The good times continue for Fisker Inc. as the EV startup announced it is set to show off the production version of the Fisker Ocean, its all-electric SUV, at the 2021 Los Angeles Auto Show now scheduled for next May.
Additionally, the company revealed that Danish ride-hailing service Viggo ordered 300 Oceans that it plans to put into service in 2022 as part of an ongoing expansion. The service uses only zero-emissions vehicles as part of push to positively impact how people get around in urban environments.
The service currently uses 55 electric vehicles in its fleet with that number expected to jump to 100 by the end of 2020. Viggo’s delivered more than 100,000 rides and has plans to expand the service to Norway next year. The Oceans will be used as part of that Scandinavian growth plan.
(Fisker and Magna lock down manufacturing and investment deal.)
“We created the Fisker Ocean with space, range and value as product priorities, attributes that are also very important to Viggo, their drivers and customers,” said Henrik Fisker, chairman and CEO of Fisker.
“As someone born and raised in Denmark, I am also personally proud that this Danish company has chosen to work with Fisker and put their confidence in our company and products.
He added that the deal is the “first of many” orders the company expects from ride-hailing services and other fleet operators looking to focus their efforts on zero-emissions vehicles. The move into Norway next is logical step as it may be the most pro-EV country in the world. More than half of all new vehicles purchased are battery electrics.
The new partnership with Viggo follows news from earlier this month, Fisker signed a strategic cooperation with Magna International to build what it describes as eco-friendly electric vehicles and advanced mobility solutions. The Ocean will be assembled by Magna in Europe and is poised to deliver class-leading range, functional interior space with third-row seating and overall vehicle performance.
(Fisker going public on NYSE, expected to raise $1 billion.)
The company’s growth curve seems stratospheric in recent months. In addition to the aforementioned move, the Fisker revealed it will launch four vehicles it will launch by 2025, including a pickup that hasn’t been shown yet, but has been named Alaska, according to Autoblog.com
All of this growth comes, in part, courtesy of having the funding in place to tackle all of these issues. That started with its announced reverse merger with Spartan Energy Acquisition Corp., a shell company formed by Apollo Global Management Inc., and then move to offer stock in the near future.
Using a shell company to facilitate the move is a common practice, recently used by other EV makers like Lordstown Motors and Nikola Corp.
The public offering is expected to be completed next week. After the offering, some expect the new Fisker will be worth of nearly $3 billion at the $10 per share PIPE price – the price of stock that investors will pay, usually lower than the publicly traded price – and assuming minimal redemptions by Spartan shareholders.
(Fisker confirms four models in the works by 2025 — including all-electric pickup truck.)
Fisker will net about $1 billion, which will be used to ensure the Ocean makes it into production. The new vehicle – Henrik Fisker’s second go-round to build an EV – is expected to begin getting delivered to customers during the second half of 2022.
